When it comes to arranging a divorce, many couples look for the various ways in which they might be able to protect themselves from future financial issues. Part of this may involve looking closelyat concerns regarding asset distribution between partners, and split pensions. In the case of senior divorces, one particularly important concern is the issue of social security benefits, and how they can be distributed between both spouses. Importantly, it’s worth noting that social security is not something that can be argued and negotiated in family law through litigation, collaborative law, mediation, or any other dispute resolution method. Instead, social security is something that must be determined by the federal law of social security. However, it is probably helpful to know what one’s financial situation will be, taking into account all resources, in the future.
As the social security administration posts on their website, in most circumstances, if you were married to your ex for a minimum period of ten years, and you decide to undergo divorce procedures, then you may be able to qualify for a social security benefit that is equal to (at most) 50% of your former spouse’s benefit amount. However, for this benefit to be received, you will need to be unmarried, aged 62 or over, and ensure that your ex-spouse is entitled to disability or social security retirement benefits. Crucially, to receive a portion of your ex-spouse’s social security payments, the benefit that you are entitled to will need to be lower than the benefit you would receive from your ex-spouse. Continue reading ›